MIRA
INFORM REPORT
|
Report Date : |
26.02.2011 |
NOTE: Correct name of the company is Luminous Renewable
Energy Solutions Private Limited
IDENTIFICATION DETAILS
|
Name : |
LUMINOUS RENEWABLE ENERGY SOLUTIONS PRIVATE LIMITED (w.e.f.
05.08.2010) |
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Formerly Known
As : |
U D ENERGY SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
6 C, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of Incorporation
: |
02.01.2007 |
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Com. Reg. No.: |
21-112358 |
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CIN No.: [Company Identification
No.] |
U29307WB2007PTC112358 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of grid and grid connected wind solar and wind solar
diesel intelligent hybrid power plants. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. Profitability of the
company is under pressure. There appears to be huge accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ranjeev Kapoor |
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Designation : |
Finance Manager |
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Contact No.: |
91-11-40778221 |
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Date : |
24.02.2011 |
LOCATIONS
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Registered Office : |
6 C, |
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Tel. No.: |
91-11-40778221 |
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Fax No.: |
91-11-25558912 |
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E-Mail : |
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Website : |
C |
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Area : |
2500 sq. ft. (Owned) |
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Head Office / Factory : |
Gat No. 1569/B, Off |
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Tel. No.: |
91-20-64011044/65110453/65110454/65110455/65110456 |
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Fax No.: |
91-20-26989447 |
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E-Mail : |
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Area : |
10000 sq. ft. (Owned) |
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Administrative Office: |
C-8 and 9, Community Center, Behind Janak Cinema, Janakpuri, New
Delhi-110058, |
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Tel. No.: |
91-11-25558913/40778332 |
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Fax No.: |
91-11-25558912 |
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Distributors: |
Located At:
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DIRECTORS
As on 11.08.2010
|
Name : |
Mr. Brij Bhushan Nagpal |
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Designation : |
Director |
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Address : |
P-2, Ground Floor, Hauz Khas Enclave, New Delhi-110016, |
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Date of Birth/Age : |
13.12.1958 |
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Date of Appointment : |
17.12.2008 |
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DIN No.: |
01853613 |
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Qualification: |
M. Com, LLB, FCS and CFA |
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Name : |
Mr. Sunil Bhalla |
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Designation : |
Director |
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Address : |
21 A, C-4D, Janakpuri, New Delhi-110058, |
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Date of Birth/Age : |
07.09.1965 |
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Date of Appointment : |
17.12.2008 |
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DIN No.: |
00980040 |
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Qualification: |
B.E (Mechanical), MBA |
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Name : |
Mr. Paresh Chandra Gobind Pradhan |
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Designation : |
Director |
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Address : |
Flat No. 612, Plot no. 5, Sector -9, WTPBE Apartment, Dwarka New
Delhi-110045, India |
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Date of Birth/Age : |
20.05.1967 |
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Date of Appointment : |
18.03.2010 |
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DIN No.: |
02259057 |
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Qualification: |
Electronic Engineer |
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Name : |
Mr. Rajarshi Sasanka Sen Gupta |
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Designation : |
Director |
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Address : |
Flat No. 702, Wing B, Surshree Kangan Nibm
Road, Kandhwa, Pune-411048, Maharashtra, India |
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Date of Birth/Age : |
18.02.1957 |
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Date of Appointment : |
01.02.2007 |
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DIN No.: |
01285366 |
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Qualification: |
M.E |
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Name : |
Mr. Arunkumar Raghbir Lal
Nagpal |
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Designation : |
Director |
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Address : |
68 Shivalik Apartment, Alaknanda Kalkaji, New Delhi-110019, |
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Date of Birth/Age : |
05.02.1962 |
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Date of Appointment : |
17.12.2008 |
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Date of Ceasing: |
18.03.2010 |
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DIN No.: |
02489685 |
KEY EXECUTIVES
|
Name : |
Mr. Ranjeev Kapoor |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.08.2010
|
Names of Shareholders |
Address of
Shareholders |
No. of Shares |
|
Rajarshi Sasanka Sen Gupta |
Flat No. 702, Wing B, Surshree Kangan Nibm
Road, Kandhwa, Pune-411048, Maharashtra, India |
15000 |
|
Luminous Power Technologies Private Limited, |
C-8 and 9, Community Center, Behind Janak
Cinema, Janakpuri, New Delhi-110058, |
105000 |
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Total |
|
120000 |
As on 11.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
87.50 |
|
Directors
or relatives of directors |
|
12.50 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of grid and grid connected wind solar and wind solar
diesel intelligent hybrid power plants. |
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Agencies Held : |
Southwest Wind |
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Terms : |
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Selling : |
Cash / Credit / (30 days / 60 days / 90 days) |
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Purchasing : |
Cash / Credit / (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Suman Jeet Agarwal and Company Chartered Accountant |
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Address : |
304, Shri Ganesh Complex, E-35, |
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Tel. No.: |
91-1122468271 |
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Holding Company: |
Address: C-8 and
9, Community Center, Behind Janak Cinema, Janakpuri, New Delhi-110058, Line of
Business: Manufacturer of Solar Inverter.
|
CAPITAL STRUCTURE
As on 11.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000 |
Equity Shares |
Rs.10/- each |
Rs.1.200
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
1.200 |
0.750 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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|
4] (Accumulated Losses) |
(3.787) |
(0.807) |
(0.478) |
|
|
NETWORTH |
(2.587) |
(0.057) |
(0.378) |
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LOAN FUNDS |
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1] Secured Loans |
5.144 |
4.079 |
0.000 |
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2] Unsecured Loans |
11.533 |
1.475 |
0.450 |
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TOTAL BORROWING |
16.677 |
5.554 |
0.450 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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SHARE PREMIUM |
4.782 |
0.000 |
0.000 |
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TOTAL |
18.872 |
5.497 |
0.072 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.112 |
0.348 |
0.305 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.596 |
0.288 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.622
|
8.115 |
0.000 |
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Sundry Debtors |
14.612
|
7.108 |
0.282 |
|
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Cash & Bank Balances |
1.479
|
1.150 |
0.129 |
|
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Other Current Assets |
0.084
|
0.019 |
0.000 |
|
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Loans & Advances |
6.435
|
1.118 |
0.230 |
|
Total
Current Assets |
30.232
|
17.510 |
0.641 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.920 |
0.686 |
|
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Other Current Liabilities |
13.162
|
11.604 |
0.240 |
|
|
Provisions |
0.934
|
0.167 |
0.004 |
|
Total
Current Liabilities |
14.096
|
12.691 |
0.930 |
|
|
Net Current Assets |
16.136
|
4.819 |
(0.289) |
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MISCELLANEOUS EXPENSES |
0.028 |
0.042 |
0.056 |
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TOTAL |
18.872 |
5.497 |
0.072 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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SALES |
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Income |
|
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Other Income |
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|
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TOTAL |
33.405 |
19.991 |
0.277 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
37.437 |
20.356 |
0.745 |
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Advertising Expenses |
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Financial Expenses |
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|
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TOTAL |
37.437 |
20.356 |
0.745 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(4.032) |
(0.365) |
0.468 |
|
|
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|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.140 |
0.085 |
0.006 |
|
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|
PROFIT BEFORE
TAX |
(4.172) |
(0.450) |
(0.474) |
|
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|
Less |
TAX |
(1.192) |
(0.121) |
0.004 |
|
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|
PROFIT AFTER TAX
|
(2.980) |
(0.329) |
(0.478) |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.807) |
(0.478) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3.787) |
(0.807) |
(0.478) |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(24.83) |
(43.88) |
NA |
|
|
Particulars |
|
|
31.03.2010 |
|
Sales Turnover |
|
|
40.000 |
Expected Sales (2010-2011) : Rs.60.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(8.92)
|
(1.65) |
(172.56) |
|
|
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.31)
|
(2.52) |
(50.11) |
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.61
|
7.89 |
1.25 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
(11.90)
|
(320.09) |
(3.65) |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.14
|
1.38 |
0.69 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
PERFORMANCE:
During the year (2008- 09) the Company has achieved a Turnover of Rs.33.400
Millions against Rs. 19.900 Millions during the previous year (2007-08). The
Company’s net Loss was Rs 2.980 Millions after providing for Depreciation and
Taxes as compared to Net Loss of Rs. 0.329 Millions of Last year
BUSINESS
ACQUISITION:
Luminous Power Technologies Private Limited (LPT) has acquired 69000
Equity Shares of the erstwhile promoters making LPT as the largest Shareholder.
The Company had also further issued 36000 Equity Shares to LPT. Now, the
overall holding of LPT is 87.5 % of the paid up share capital of the Company.
For the purpose of the aforesaid acquisition a Shareholders agreement
had been entered into with the erstwhile Promoters on the 16th of December,
2008 and a supplementary agreement on the 17th of February 2009.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29307WB2007PTC112358 |
|
Name of the
company |
U D ENERGY
SYSTEMS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
6 C, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of charge
holder |
Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement (For Stocks/Book-debts/Vehicles/Moveable Machinery)
dated 24.05.2010. |
|
Date of
instrument Creating the charge |
24.05.2010 |
|
Amount secured by
the charge |
Rs.49.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment Payable on
demand. Extent and
Operation of the charge 100% Others To secure all amounts
payable under various credit facilities aggregating to Rs. 49.000 millions |
|
Short particulars
of the property charged |
First pari-passu
charge on all existing and future current and moveable fixed assets of the
Company |
Fixed Assets:
- Air Conditioner
- Computer
- Furniture and Fixtures
- Office Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.